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Panorama of Customs Duty in India Part I We all have read in our childhood or seen in movies that how centuries ago, to enter a kingdom, a merchant with his merchandise had to give some gift to the king. In due course, this tradition has formalized and now given…
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Base Erosion and Profit Sharing (BEPS)- Tax Evasion of Multinational Corporations OLD WINE IN A NEW BOTTLE Before 1961, there was a minimal focus on national tax laws upon the multinational corporation’s tax and digital economy because during that time no country taxed the foreign source. During that time the…
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GST IS HERE! GST (the Goods and Services Tax) is finally here just like winter in Game of Thrones. The much-awaited indirect-tax regime was honored with the throne…
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The Fine (and Hazy) Line between Tax Avoidance and Tax Evasion ‘The difference between tax avoidance and tax evasion is the thickness of a prison wall.’ …
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LEGAL UPDATE: UAE CABINET DECISION 52 OF 2017 CONCERNING EXECUTIVE REGULATIONS ON VAT LAW The UAE Cabinet Decision 52 of 2017 on the executive regulations (the Executive Regulations) of the Federal Decree Law Number 8 of 2017 on Value Added Tax (the VAT Law) has shed light on the details…
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Boarding Complete: An Islamic Rendering Part II of II In our previous issue, we discussed the Shariah principles of ijara, simple ijara, ijara wa iqtina, ijara mawsufa fi al dimmah, istisna’a, and how ijara and mawsufa fi al dimmah work. Our attorney’s had detailed the different types of leasing provided…
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Keeping it Simple: Federal Law Number (8) of 2017 on Value Added Tax The UAE's new governing law regarding VAT is the Federal Decree-Law Number (8) of 2017 (the Law). According to Article (1) of the Law defines Value Added Tax as ‘tax levied on import and/ or supply…
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Too Much of FATCA! Renowned author and entrepreneur, Mark Twain, once said, ‘tax is a fine for doing well; whereas, a fine is a tax for doing wrong.' Now, the question on hand is which one of the two the Foreign Account Tax Compliance Act (the FATCA) would get unseated!…
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Part 1: A Study of the Indian Tax System Part 2: Taxation of E-commerce Transactions From the printing press to the digital revolution, humankind has been inclined to innovate first and plan later. It goes without saying that in the modern world, technology develops faster than the law. Cell- phones and…
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Tax Global Guide 2016-2017 Volume II: Tax on Finance Transactions: United Arab Emirates Tax on Corporate Lending and Bond Issues in the United Arab Emirates: Overview Tax Authorities 1. What are the main authorities responsible for enforcing taxes on finance transactions in your jurisdiction? Financial transactions are not subject to…
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